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This document is a ruling response concerning the late filing of Form 8716 for a personal service corporation, explaining the conditions under which the late filing can be considered timely under
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How to fill out form 8716
How to fill out Form 8716
01
Obtain Form 8716 from the IRS website or through a tax professional.
02
Fill in the name of the entity requesting the change at the top of the form.
03
Indicate the type of entity (e.g., partnership, corporation, etc.).
04
Provide the Employer Identification Number (EIN) of the entity.
05
Specify the tax year for which the election is being made.
06
Check the appropriate box to indicate whether the entity is electing under Section 703 or Section 761.
07
Provide any supporting information required for the specific election.
08
Review the filled-out form for accuracy.
09
Sign and date the form as required.
10
Send the completed Form 8716 to the appropriate IRS address as specified in the instructions.
Who needs Form 8716?
01
Form 8716 is needed by partnerships and certain other entities that wish to make an election under certain sections of the Internal Revenue Code, particularly to elect to change their tax year.
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What is Form 8716?
Form 8716 is the Election to Have a Tax Year Other Than the Required Tax Year that allows certain taxpayers, like partnerships or S corporations, to elect to adopt a different tax year than the one that is automatically assigned by the IRS.
Who is required to file Form 8716?
Taxpayers who wish to change their tax year from the default calendar year or who are required to do so must file Form 8716.
How to fill out Form 8716?
To fill out Form 8716, provide the name of the entity, the taxpayer identification number, the current tax year, the fiscal year being elected, and the reason for the election, as well as any other required information.
What is the purpose of Form 8716?
The purpose of Form 8716 is to formally elect a different tax year for tax purposes, allowing eligible entities to better match their income and expenses with their accounting periods.
What information must be reported on Form 8716?
Form 8716 requires reporting the name of the entity, taxpayer identification number, the year for which the election is made, the desired tax year, and a signature of the responsible party.
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